Joseph Stiglitz delivers the inaugural Crawford School Oration, ANU

Stiglitz's message was simple. Stick with Keynes. Break up financial institutions which are "too big to be allowed to fail". Return to rigorous financial market regulation of the kind established after the Depression, since repealed by successive US presidents beginning with Reagan. Reverse the prevailing policies of "ersatz capitalism" where losses are socialised and gains are privatised making speculation a lucrative one-way bet for financial institutions. Is that so much to ask? No.